Debt-laden power company Meenakshi Energy is set to be acquired by Anil Agarwal’s Vedanta Limited after its Rs 1,440 crore bid went through.
In an exchange filing, Vedanta said that Rs 312 crore is set to be paid upfront, while the balance Rs 1,128 crore will be in the form of secured, unlisted non-convertible debentures (NCDs) issued by Meenakshi Energy, which will mature in equal instalments over the next five years.
Meenakshi Energy, a 1000-megawatt coal power plant in Andhra Pradesh’s Nellore went under insolvency resolution back in 2019, with proceedings likely to conclude with Vedanta’s purchase.
